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On Our Radar

Freddie Mac Seeks $1.5B From Taxpayers

Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would ask for an additional $1.5 billion from taxpayers due to losses stemming from the weak housing market.

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The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit that it must ask the government to make up, bringing the total it has needed to seek to $66.2 billion.

It said it expects home prices to decline in the near term and its credit losses to remain elevated in the second half of the year.